Expense Management

IContain, APP Safeguards Rent-to-Own Industry from Default and Theft

IContain, a developer of asset protection solutions, and Asset Protection Products LLC, an asset security company providing the RTO industry the ability to remotely track and enable/disable electrical devices, announced that the ICX cellular-controlled power interrupt switch from IContain has displayed remarkable success in collecting payments from delinquent accounts in the rent-to-own industry over an eight-month test period.

The operating expenses for RTO businesses are more than the traditional retail due to the ultimate return of merchandise, merchandise repair and replacement costs for missing or stolen goods. Theft and default on payments account for approximately 2 percent loss of cash flow annually in the multi-billion dollar RTO industry.

The ‘smart’ devices leverage the strong network of T-Mobile (News - Alert) USA. It allows machine-to-machine (M2M) communications that empower the user with remote management on any electrical device, from enable and disable functions to locating missing assets. By making use of RAMlink, the proprietary web-based software tool and ICClearly from IContain, a version of RAMlink fit for smartphones, the management and control of the IContain hardware can be controlled in real time from almost anywhere throughout T-Mobile’s network.

Salvatore Moccia, the managing member and technology of APP, stated that dealers can confidently extend the benefits of rent-to-own – payment flexibility and no obligation – to previously untapped markets with the added security offered by the ICX device from IContain. This creates an opportunity for a dramatic increase in sales.

The application of the ICX technology of IContain may not be bounded to the RTO industry. IContain is also discovering the product’s suitability for the “smart home.” The technology has the ability to monitor and enable/disable electrical devices remotely. This could lessen idle power consumption considerably.

Anuradha Shukla is a contributing editor for TMCnet. To read more of Anuradha’s article, please visit her columnist page.